U.S. Bancorp, the country’s sixth-largest bank, plans to buy more than 100 Chicago-area branches of Charter One Bank, Crain’s Chicago Business reports.
The deal with Royal Bank of Scotland Group PLC, expected to be unveiled as soon as Tuesday, is priced at about $300 million, a source familiar with the matter tells Crain’s.
U.S. Bank’s deposits in the Chicago market will roughly double under the deal. As of June 30, Charter One had 105 branches in the city and suburbs, with nearly $6 billion in deposits. U.S. Bank had 90 branches with just over $6 billion in deposits.
